Insurance Business Process Outsourcing (BPO): Introduction
- Insurance business process outsourcing is the process by which some companies outsource some of their backend office tasks such as bookkeeping, data entry, and accounting to third party service providers. Insurance business process outsourcing is considered a feasible and valuable option for those companies that find it difficult to hire experienced staff and manage in-house departments.
- Insurance business process outsourcing offers numerous services such as call center outsourcing services, finance and accounting BPO services, back office BPO services, IT outsourcing services, e-commerce support services, digital marketing services, and billing services.
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Global Insurance Business Process Outsourcing (BPO) Market: Dynamics
Global Insurance Business Process Outsourcing (BPO) Market: Key Drivers and Restraints
- Increase in demand for cost effective operations and the need to standardize business processes among organizations is expected to boost the insurance business process outsourcing (BPO) market during the forecast period.
- Increasing demand to manage stringent regulatory compliances effectively is a major factor projected to boost the market in the next few years.
- Growing adoption of cloud-based solutions increases the need to manage the cloud data, and this is expected to boost the demand for insurance business process outsourcing (BPO) across the globe.
- Rise in demand to provide high-quality results and improve customer satisfaction is estimated to propel the market during the forecast period
- Emergence of digital technologies such as artificial intelligence (AI), cloud computing, and Internet of Things (IoT) across the globe is anticipated to boost the demand for insurance business process outsourcing (BPO) during the forecast period.
- However, data security and privacy concerns are expected to hamper the insurance business process outsourcing (BPO) market during the forecast period.
- Increase in dynamic outsourcing service requirements is projected to restrain the market in the next few years.
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Impact of COVID-19 on the Global Insurance Business Process Outsourcing (BPO) Market
- Increase in cases of COVID-19 across the globe is resulting in economic slowdown. Developed countries are strongly affected by this pandemic. Most of the manufacturing or production of goods is temporarily suspended globally. Businesses have been adversely impacted in most countries due to partial or full lock down. This, in turn, is projected to indirectly hinder the global insurance business process outsourcing (BPO) market in the next few years.
- Lack of industrial activity is expected to result in low cash flows, further impacting the funding of projects. However, companies are collaborating with technology giants to develop industrial digitalization technologies to minimize the negative consequences of the COVID-19 pandemic on the supply chain and their businesses.
North America to Hold Major Share of the Global Insurance Business Process Outsourcing (BPO) Market
- In terms of region, the global insurance business process outsourcing (BPO) market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global insurance business process outsourcing (BPO) market in 2019, due to the presence of large number of companies in the region.
- The insurance business process outsourcing (BPO) market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to growing foreign investments in countries such as India.
Global Insurance Business Process Outsourcing (BPO) Market: Competition Landscape
Several local, regional, and international players are active in the insurance business process outsourcing (BPO) market with a strong presence. Rapid technological advancements have led to opportunities in this market. Insurance business process outsourcing (BPO) vendors are focused on an inorganic growth strategy such as strategic collaborations, and merger and acquisition activities with technology partners to develop innovative and advanced solutions to improve their offerings and market reach.
Key Players Operating in the Global Insurance Business Process Outsourcing (BPO) Market
- Accenture plc
- Atos Syntel
- Capgemini Technology Services India Limited
- Capita plc
- Cognizant Technology Solutions Corp
- Dell, Inc.
- EXL Services Holdings
- Genpact Ltd.
- HCL Technologies Limited
- Infosys Limited
- Invensis Technologies Pvt Ltd.
- Serco Group plc
- Sutherland Global Services, Inc.
- Tata Consultancy Services Limited
- Tech Mahindra Limited
- Wipro Limited
- WNS Holdings Ltd.
- Xchanging Systems and Services, Inc.
- Xerox Holdings Corporation
Global Insurance Business Process Outsourcing (BPO) Market: Research Scope
Global Insurance Business Process Outsourcing (BPO) Market, by Type
- Asset management
- Claims management
Global Insurance Business Process Outsourcing (BPO) Market, by Enterprise Size
- Small & Medium Enterprise
- Large Enterprise
Global Insurance Business Process Outsourcing (BPO) Market, by Application
- Property and Casualty
- Life and Pension
Global Insurance Business Process Outsourcing (BPO) Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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